Should I close this credit card?

Should I close this credit card?

hello! Im 22 years old and working on getting my fico score up (so my fiance and i can buy a condo at the end of the year) and paying off my credit card debt so i can take out a loan for a vocational school i plan on attending next year. Luckily my credit card debt is not out of control. I have 3 regular credit cards (1 Chase Visa, 1 American Express, and 1 capital one visa) i recenelty had to get some work done to my car so i also got a credit card through GE money bank and midas strictly for car related work or purchases. I have been working on paying down my balances. I will be done paying the ge money bank card on April 10th and recently paid off the balance on my Chase credit card. I will then have the capital one and amex to pay off. My plan is to get all my cards paid off and using my amex card for groceries, gas, and necessary expenses and paying it off in full every month to earn the sky miles. I want to keep my chase and capital one cards put away somewhere and make a few small purchases with them through out the year. I would like to close the car credit card (ge money bank/midas card) but im scared its going to hurt my fico score by taking away some credit history. It is the newest card...it was opened 7/08. Do you think i should close the card out?? The account automatically closes if not used for a year. What do you guys think??

Re: Should I close this credit card?

Hi, welcome to the forums!

There is no benefit gained for your FICO scores by closing a card. On the contrary, every month that it is open without problems helps you accumulate good credit history. However, the history on closed cards should stay with you for 10 years.

Re: Should I close this credit card?

Why do you want to close the account? Midas probably could be used once a year. I think they have extended their services to include a variety of mechanical and repair work, maybe oil changes now too.

I generally don't recommend closing accounts at your stage without a specific need. If it doesn't cost you anything to have, then what is the reason? Always act with strategy or result in mind. If you want to build your credit and are afraid that closing will hurt your FICO......what does common sense tell you then?

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.